Everstage, a SaaS company based in Chennai and Delaware that provides a modern sales commission management platform, has raised $13 million in Series A funding from Elevation Capital. The round also saw participation from the existing investor 3one4 Capital.
Siva Rajamani and Vivek Suriyamoorthy founded company stated that it will use the funds to expand its sales, engineering, and solutions teams in order to better serve customers globally. By the end of the year, the 50-member team is expected to triple in size.
“We started Everstage because we identified several pain points with the existing legacy sales commission vendors in the market. The market need was clear – customers wanted an easy to set up and use product that was high on ongoing configurability,” said Rajamani.
Our conviction for disrupting the market has only gone up in the last one year with the number of customers choosing us over established players, he adds.
The company claimed that in just six months since the previous round, revenue and customer base have increased fivefold and sixfold, respectively. Everstage now has customers on four continents and works with well-known companies such as Chargebee, Postman, Nitro, Hackerrank, and Clevertap.
“With ever-increasing data on GTM motions, companies are constantly looking to design creative incentive plans to drive sales performance. Everstage elegantly allows companies to design and manage even the most complex plans while ensuring a modern UI/UX and a consumer app-like experience,” said Akarsh Shrivastava, Principal at Elevation Capital.
“This is currently missing from the legacy vendors' value chain. Super excited to back the Everstage team as they build the RevOps platform of the future” said Shrivastava.
“We have been extremely privileged to be working with Siva, Vivek and the entire Everstage team over the last two years and have been highly impressed by their execution. We are excited to welcome new partners into the journey and double down ourselves as the team further scales their GTM and cements themselves as the most trusted sales commission management software for the enterprise,” stated Anurag Ramdasan, Partner at 3one4 Capital.